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Currently, foreign investment is
regulated by Law 16-95 on Foreign Investment, adopted on November 20, 1995, and
the Presidential Decrees 380-96 and 163-97. These legislations provide an
attractive legal framework for foreign investors and one of the main tools to
promote the flow of capitals to the country.More >>
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Banking is currently regulated by the Law 183-02. It adopts de concept of Monetary and Financial Administration which includes the Monetary Board, the Central Bank and the Superintendence of Banks.
It is up to the Monetary Board to determine the nation’s monetary exchange and financial policies, to grant and revoke authorizations to operate as financial entity, to authorize mergers, acquisitions, etc. among entities, to adopt monetary and financial regulations for the application of the law, and to adopt regulations of general application to regulate the monetary and financial system. More >>
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The Dominican Republic became member of the World Intellectual Property Organization (WIPO) in June 2000. It has also signed several treaties of Intellectual Property Rights Protection as the Convention on the Protection of Literary and Artistic Work, the Paris Convention for the Protection of Industrial Property, and the WIPO Convention, among others.More >>
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In 2000, the National Congress of the Dominican Republic passed the new environmental law (64-00) of the country. This law creates a Ministry of Environment and Natural Resources which oversees the environmental impact environment review process required for development.
The law establishes a system of environmental studies and permits, and implements a group of new environmentally-related terms from “protected areas”, “environment quality” and “sustainable use” to “contaminant”, “load capacity” and “sustainable development”. All those terms and studies should be familiar to the investors and businessmen and women when initiating a business that could be have an environmental impact.
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The labor regulations of the Dominican Republic are content in the Law 16-92 (Labor Code) and the Rules of Application of Law 16-92. The country has also ratified approximately 30 Conventions of the International Labor Organization (ILO). In this regard, in the recent years the country has placed significant emphasis on improving the capacity of the Department of Labor and other Labor Institution in order to give an adequate protection to the rights of workers and comply with the international standards.
The application of labor laws and regulations rests in the Ministry of Labor and its dependencies. All work conflicts which may arise between employers and workers or the association which represents them are regulated by the labor courts.
Dominican laws allow investors to choose among the different forms of business organizations without restrictions. The most common form of business association in the country is the Limited Liability Company or corporation but the Commercial Code also provides several other forms of associations. For the incorporation process the Commercial Code requires a minimum number of seven shareholders, but the additional shareholders may have, if wanted, a participation of just one share in the company’s capital.
After all the paperwork is done, some registration and publicity formalities have to be complied with.
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